Europe & Russia: Economic overview
Europe’s major economies have seen stable growth in Q3 despite political uncertainty.
The UK’s GDP expanded by 2.3% on an annual basis in Q3, slightly higher than the 2.1% growth seen in Q2. A strong performance in the service sector has supported overall growth, despite the continuing political upheaval as the government charts its plans for leaving the EU. The outcome of proceedings at the UK’s Supreme Court to determine whether parliament has the right to vote on triggering Article 50 of the EU constitution, which will formally begin the process to leave the union, will be known in January. Although the government still plans to trigger Article 50 by the end of March, delays cannot be ruled out. The UK’s gas demand is expected to rise during the coming months even if economic growth is slack. A cold start to the winter has already bolstered heating-related demand.
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